Third Quarter: Sales Generally Down - 27 East

Real Estate News

Real Estate News / 1404834

Third Quarter: Sales Generally Down

author on Oct 24, 2016

The third quarter of 2016 was not kind to the East End’s real estate market, according to data this week from the Long Island Real Estate Report.

Overall sales volume dropped more than 38 percent in Southampton Town and more than 30 percent in East Hampton Town, when compared to the third quarter of 2015. East Hampton Village was an outlier, with an uptick of 12.5 percent—and to a lesser extent so was Westhampton Beach, which enjoyed a 7.14-percent increase.

Dollar volume sank 36.57 percent in Southampton Town and 31.25 percent in East Hampton Town. East Hampton Village was the happy outlier again, with a 40.19-percent uptick, and so was North Haven, which saw a whopping increase of 188.29 percent—mostly reflecting the top sale of the third quarter, that of Richard Gere’s house on Actors Colony Road to NBC’s Matt Lauer for a cool just-less-than-$24 million.

The median sale price also went downhill in both towns: from $880,000 to $761,056, a 13.52-percent decline, in Southampton; and from $1.2 million to $870,000, a 27.5-percent drop, in East Hampton.

Next up among the top sales of the quarter was a property on Rose Hill Road in Water Mill that Andrew Borrock sold to a limited liability company for $22 million. On Ocean Road in Bridgehampton, another estate changed hands for $14.6 million, from one LLC to another. And the estate of the late architect Francis Fleetwood sold a property on Amagansett’s Ocean View Lane to an LLC for $14.25 million.

This week’s data comes from information published at the end of the third week of the fourth quarter, which is estimated to be about 80-percent complete, with some straggling sales yet to be recorded, according to the Long Island Real Estate Report.

You May Also Like:

Napeague Modern Bayfront Home Sells For $8.87 Million

A classic modern bayfront home designed by architect Thierry Pfister in Napeague has sold for ... 20 May 2022 by Staff Writer

Community Preservation Fund Has Second Consecutive Record-Breaking First Quarter

Peconic Bay Region Community Preservation Fund revenue was just about flat across the East End ... 19 May 2022 by Staff Writer

Sag Harbor Modern Sells For $5.5 Million

A five-bedroom Sag Harbor Village modern with a pool and a pool house recently sold ... 18 May 2022 by Staff Writer

New Signed Contracts For Hamptons Homes Cut In Half In April Compared To Year Earlier

Hamptons single-family home inventory grew slightly in April as new listings outpaced the number of ... 12 May 2022 by Staff Writer

Lipsky Construction Company Honored For Nathaniel Rogers House Work

For the firm’s work on the restoration of the Nathaniel Rogers House in Bridgehampton, Lipsky ... 11 May 2022 by Staff Writer

Habitat For Humanity Of Long Island Formed Out Of Merger

Habitat for Humanity of Suffolk and Habitat for Humanity of Nassau County NY, two affiliates ... 5 May 2022 by Staff Writer

Inventory Of Hamptons Homes Falls To Record Low As Sales Move At Breakneck Speed

The inventory of homes for sale on the South Fork has “collapsed” — it’s down ... 4 May 2022 by Brendan J. O’Reilly

Water Mill Transitional Sells For $7.9M, A $500,000 Increase In One Year

A shingle-style transitional home with views of a 7-acre agricultural reserve and the ocean beyond ... 3 May 2022 by Staff Writer

Landscape Firm Spreads Its Roots With New Building Details Subsidiary

Michael Derrig, the owner of Landscape Details, a major East Hampton landscape design, construction and ... 28 Apr 2022 by Stephen J. Kotz

CPF, Peconic Land Trust Close On Georgica Pondfront Purchase Neighboring Jay-Z And Beyonce

The Peconic Land Trust and the Town of East Hampton closed Wednesday, April 27, on ... by Staff Writer